CalPERS Appoints Stephen Gilmore as New CIO to Navigate Pension Fund’s Investment Landscape

The California Public Employees’ Retirement System (CalPERS), the largest Pension Fund’s investment in the U.S. with assets totaling $494.6 billion, has announced the appointment of Stephen Gilmore as its new Chief Investment Officer (CIO). Effective from July, Gilmore will succeed Nicole Musicco, who vacated the position in September 2023. Notably, Gilmore’s appointment marks the fourth change in CIO leadership at CalPERS within a span of slightly over five years, following predecessors Musicco, Ben Meng, and Ted Eliopoulos. Stephen Gilmore’s appointment as the new CIO aligns with CalPERS’ strategic objectives to optimize investment performance and uphold responsible CalPERS Appoints Stephen Gilmore as New CIO to Navigate Pension Fund’s Investment Landscape investment practices. As CalPERS endeavors to navigate a challenging investment landscape marked by economic uncertainties and evolving market dynamics. 

Gilmore Brings Extensive Investment Experience to CalPERS Role

With a robust background in finance and investment, Gilmore’s appointment is seen as a strategic move by CalPERS. Having served as the CIO of the Guardians of New Zealand Superannuation, managing the New Zealand Superannuation Fund since 2019, Gilmore has garnered recognition, earning a spot on the CIO Power 100 list of the world’s leading asset allocators. His prior roles include chief investment strategist at Australia’s Future Fund and positions with the International Monetary Fund and several prominent banks. CalPERS CEO Marcie Frost commended Gilmore’s wealth of investing knowledge and his ability to comprehend the needs of members and public sector employers, crucial for CalPERS’ long-term stability. His track record at NZ Super, where he championed technological advancements and sustainability initiatives, reflects his commitment to driving positive investment outcomes while ensuring long-term sustainability. 

Gilmore’s Strategic Vision Amidst Evolving Pension Fund’s Investment Landscape

Gilmore’s appointment comes at a pivotal time for CalPERS, as it grapples with complex investment challenges amid changing economic conditions. Known for its highly political nature, the role of CIO at CalPERS requires adept navigation of legislative and board dynamics. In contrast, Gilmore’s tenure at NZ Super emphasized strong governance and responsible investment practices. Gilmore’s track record of innovation and disciplined investment strategies bodes well for CalPERS’ investment landscape. As CalPERS aims to enhance its investment performance and navigate evolving market trends, Gilmore’s leadership and strategic vision are poised to shape the pension fund’s investment trajectory in the years ahead. Moreover, Gilmore’s extensive experience in navigating complex investment environments, coupled with his adeptness at managing stakeholder relationships, positions him well to lead CalPERS through its next phase of investment evolution.

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